Madoka Kaname, one of the newest faces to grace the magical girl genre since 2011, is a force to be reckoned with. Though her powerful abilities were achieved quite simply overnight, Madoka's journey to get said powers have been unlike that of any other magical girl.
Her story is one of coming to terms with her own mortality as well as those around her in order to make change, and even then, despite being the main character, be unable control the outcome of other peoples' decisions.
Paved With Good Intentions
Madoka starts off as an impressionable, bright-minded young girl with a happy family and a couple of friends. Shortly after her initial introduction, a new character, Homura Akemi transfers to her class. From then on, a world of supernatural adventures opens up before Madoka. But with her "magical awakening" came a grim reminder of the real world. Every action has its consequences.
Each character in the series personifies degrees of naivety and idealism, and get reality checks as the story progresses. Sayaka, Madoka's best friend, wishes for her crush to heal from a devastating injury to his arm, though in exchange she gives up her freedom to become a magical girl. His injury is healed but because of her sacrifice, another girl is able to make her move. Driven into sadness, despite her best intentions, she falls into despair and becomes the very thing she was destined as a magical girl to fight against.
Heroic Pleas On Deaf Ears
Ideally, a hero is someone who saves others from danger, they are selfless and without flaw. However, the character of Homura is almost the complete opposite. Her motives are selfish but relatable. It's ultimately her actions themselves that define the existential horror Madoka Magica harbors.
Upon initially meeting Madoka, the latter had already become a magical girl, all her other friends included. Though, the toll that comes with being a magical girl rears its ugly head when the girls are tasked to fight a powerful foe with the potential of destroying the world. As a result, Madoka dies from her wounds, and Homura, heartbroken, wishes to rewind time, so that she can save her, putting the weight of being a magical girl upon herself as a result.
Ultimately, Madoka Magica's story centers around one's desire to do good while not knowing how. A large component early on in the series is exactly how the girls are able to carry out their duties without risk of severe injury. Their souls are directly extracted from their bodies and placed into a relic that they rely on to transform; the soul gem. Quite literally, they sold their souls in order to "save" someone close to them. But the question remains; what if they don't want to be saved? Or is the person they wish to save unable to make that decision for themselves?
The Existential Crisis
Homura's desperation to save Madoka while in an endless loop and unknowingly stirring the pot every time she rewinds time results in a severe time paradox. Even so, she still continues onward holding on to that fleeting hope that she can save her despite the future that will come regardless.
Trying the same thing over and over again for a different outcome and being in denial when it doesn't work again. Madoka still makes the same self-sacrificing decision to take up the mantle of being a deity, to ensure that no other magical girls have to suffer the same kind of despair her friends did. It's the illusion of one's ability to control their own fate that serves as the existential horror of Madoka Magica.